Dwija Foods, a business-to-business (B2B) beverage vending company has raised its maiden funding of Rs 5.15 crore led by Negen Capital AIF.
The Mumbai-based Dwija Foods was founded in January 2020 by Dibakar Chatterjee, Jayati Chatterjee, and Shailesh Pardeshi, It provides tech-enabled brewing focused on providing enterprises with a wide range of choices in tea, coffee and infused beverages through its brand ‘XTC’.
It also serves corporates and HoReCa across the country through direct and distributor channels.
The company has installed over 600 vending machines and 400 more are in the pipeline.
“We, at Dwija, are pleased to do our first fundraise with Negen Capital AIF. With our revenue and install base at a positive inflection point, Negen comes in at the right time to make the most of the growth potential in this sector. The B2B beverages market is ready to be disrupted and we are proud to state that Dwija is re-writing the rules. Brand XTC emphasises on personalized fresh brews made possible with exceptional product curation and differentiated vending technology”, said Dibakar Chatterjee, Founder Dwija Foods.
The startup claims that all the machines are ‘Made in India’ even though the company makes extensive investments in R&D for brewing technology, contactless vending solutions and IoT enablement.
The company claims that it is doing business with over 150 clients which includes marquee corporate and multinational clients such as Google, Tata Capital, The Blacksoil Group, HDFC Bank and Turtlemint.
Neil Bahal, Founder, Negen Capital, said, “We are particularly pleased to have witnessed this company’s growth and to have seen them scale and withstood Covid-19 speaks volumes of the grit of this team. The company was established only months before Covid hit India and the easiest thing for this team would have been to buckle under, like so many businesses had to. Credit to the team to have not only survived the time but emerge stronger and the runway ahead seems to be sufficiently promising. Dwija Foods is a highly meaningful investment decision for us and we are confident of its potential to scale newer horizons in the months and years ahead.”
Saket Lohia, Head of IC – Negen Capital AIF, said, “Dwija is well placed to participate in the India Inc. growth story with its new age Tea/Coffee vending machines. It is already in business with 100+ Marquee Corporate and MNC clients and we are delighted to join Dibakar and team on this Journey.”
About Dwija Foods
Tea and Coffee brewing services across Office Establishments, Campus Cafes, Exhibition Centers and Social Events.